Greater Grand Rapids’ multifamily housing market remains strong. Rents have gradually risen in recent quarters but remain around $1,400. Vacancy rates are showing signs of increasing, rising one percentage point from the beginning of 2024. Meanwhile, the construction pipeline for multifamily housing tapered off in recent quarters as projects were completed. HOUSING – Multifamily
VACANCY
6.0%
5.6%
5.5%
AVERAGE MONTHLY RENT
5.0%
$1,600 $1,400 $1,200 $1,000
4.54%
4.5%
4.0%
$800 $600 $400 $200 0
3.5%
3.0%
2023
2024
2025
Source: Colliers
2023
2024
2025
Multifamily vacancy has climbed steadily since Q2 2024, reaching 5.6% in Q1 2025, a nearly 1% increase since the same period the previous year.
Source: Colliers (Grand Rapids submarket)
Average rent increased 4% to $1,466 from Q1 2024 to Q1 2025. In general, multifamily rents have hovered in the $1,400 per month bracket since Q4 2023.
UNITS UNDER CONSTRUCTION
3,500
3,000
2,634
2,500
2,000
1,500
1,185
1,000
500
0
2023
2024
2025
Source: Colliers
Timber Ridge Development MOXIE Grandville, MI
The pipeline of units under construction declined to 1,185 units in Q1 2025 from 2,634 units in Q1 2024. The pipeline of new construction has declined since Q1 2024.
19 STATE OF DEVELOPMENT – DIVING DEEPER
STATE OF DEVELOPMENT – DIVING DEEPER 20
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